IT’S BACK-TO-SCHOOL TIME AND THE IRS WANTS TO REMIND FAMILIES OF THE COLLEGE TAX CREDITS AVAILABLE Here are two major education tax breaks, an explanation of who qualifies for each, and how to figure out which will save you the most money. The American Opportunity Tax Credit The AOTC is … [Read more...]

Standard Deductible Mileage Rates 2013

Deductible Mileage Rates Deductible mileage rates change each year on January 1st. For 2013, the IRS announced the business mileage rate as 56.5 cents per mile and 24 cents per mile for medical miles. The business and medical rates are a one-cent per mile increase from 2012. The charitable miles … [Read more...]

Car Tax Deductions

BUSINESS  CAR  DEDUCTIONS BUY?  OR LEASE ? Which method is right for you? Lease if you enjoy a new vehicle frequently. Buy if you like to enjoy a vehicle for it’s lifetime. DEDUCTIONS The IRS has increased the standard mileage rate for business miles driven from July 1, 2011 through … [Read more...]